Tools For Your Toolbox - Managing Critical Lease Dates

Now that you and your commercial real estate broker have found suitable space to rent, negotiated the lease terms and signed the lease, one last important step as you move forward is to identify and record all critical lease dates that require action.  Critical lease dates can include lease expiration dates, rent step-up or escalation dates, renewal and option dates, etc.  Failure to manage a particular date could result in such things as a late charge if the full rent is not received; higher rents if a renewal option is not exercised timely; or limited options for new space if the lease expiration date is missed.  So knowing and understanding what is contained in your lease agreement is a critical requirement for any commercial tenant.